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Catching Big Waves - a trader's journal of surfing the the markets
I have also given up night chart analysis. I do it in the morning, looking for less. I can see the key structure without an hour of study. The bigger focus is on what price is doing with the key areas anyway.
Can you help answer these questions from other members on NexusFi?
ok I see...thank you. I really like that and have tried to create a gradient like that before but didn't get it implemented. Now I should be able to plagarize the code and get it figured out...thank you.
I won't trade against certain order flow. There are several things it can help me understand, but they are easier to point out on the screen.
I'll try one example, I have mine set to color different for at bid/ask vs above or below If I see a string of orders all flashing above/below, say 20 orders of 5 in a row, and price had been moving in the opposite direction at the time, that may pinpoint a pending reversal.
I also have HOD/LOD set to flash. Sometimes it can show me stops blowing, sometimes it can show large orders, the other day I saw a 180 block in crude to sell. That is a big order, why are they so anxious to get out? I decided not to trade against whoever that was though.
It also shows me the speed of the market. Motion makes money, and motion starts with volume.
I use volume a lot, charts only tell where price is, volume shows what is affecting price where it is. Sure SR may be prior pivots, fib ratios, etc, but those are just places where volume gathers because they all see the same areas. Support and resistance are nothing but volume. The SR line on the screen is not as important as whether the majority are going to agree on it.
I can't read T&S in ES for anything, but in CL I find it very helpful. ES is so back and forth, I rarely can tell who is winning. CL can take off seemingly out of nowhere, and when it does volume is behind it.
Just one more piece to the puzzle, not anywhere near a stand alone decision maker.
“If I could have anything, what would it be? Isn’t this the perennial question at the heart of our daydreams? “If you only had …” the commercials scream, “then you’d be happy.” “If you only had … then the world would see and honor your specialness.” “If you only had … then you’d find peace and contentment.” “If you only had…”
So, if I could have anything in the world, what would it be? Jesting with my mind, I retort, “How about having the question dissolve?”
Recovering from my humor, I pose the question again, but suddenly realize the question has already been answered. The very power to question is also the power to create. To dream, to imagine, and to paint life in the mind is to bring those images to life in this dream world of illusion.
Pretend you can have it all. What now brings you pleasure and satisfaction? What about driving a Rolls-Royce around a town that has no eyes to see it? Or being alone on a desert island with the finest wardrobe money can buy? Why do we desire the things we desire?
What if nothing was off limits for you—what would you do? After you finished binging, then what?
You just ate all the candy in the candy store and it’s lost its appeal. Now what?
What desire is really hidden behind all the things we pin our hearts upon?
Strange, but once we settle down to the fact that we can quite literally have it all, will we find what we are really looking for? Will we look deeper into our desires?
Suddenly we may discover, if our inquiry is intensely honest, that we have been seeking home. We’ve been looking for that place inside ourselves where we know we are loved, safe, and at peace. We may even discover that the journey wasn’t to be made on the outside, but on the inside."
On a philosophical roll, I recalled @researcher247 bringing up a Sun Tzu quote. I have found some others that seemed relevant; (coming back to relate to trading in my mind)
“Know yourself and you will win all battles” - Trading is more about personal psychology than chart patterns or indicators
“To secure ourselves against defeat lies in our own hands, but the opportunity of defeating the enemy is provided by the enemy himself.” - We can only control our risk, the market decides our gains.
“One may know how to conquer without being able to do it. ” - Knowing what to do is easier than doing it.
“Anger may in time change to gladness; vexation may be succeeded by content. But a kingdom that has once been destroyed can never come again into being; nor can the dead ever be brought back to life.” To trade requires capital. Keep the capital, keep the opportunity. Lose the capital, it's over.
“He who knows when he can fight and when he cannot, will be victorious.” - Some days are good for trading, some days or hours are good. others are horrible. KNow the difference.
“A journey of a thousand miles begins with a single step.” - Wins greater than losses. Exponential curve to winning trades. Small gains until the same relative percentage becomes the difference.
